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Bendy Beast Fitness LLC

ID: ED20200201
Inner City Economic Development Loan
County Comission District: | City Council District:

Summary

Elizabeth Kinnmark (the Applicant), doing business as Bendy Beast Fitness LLC, was approved for a $20,000 Inner City Economic Development (ICED) Loan to help complete exterior renovations and HVAC installation at 1202 Minna Place. Total project costs exceed $209,000 and costs qualified for the ICED program are $83,860.

Liz Kinnmark is the founder and CEO of Bendy Beast Fitness LLC. Her unique combination of experience as an entrepreneur, designer, and fitness instructor positions her for success in leading this project. After completing a career as a competitive rhythmic gymnast, Ms. Kinnmark studied Industrial Design at the Pratt Institute in New York City. Ms. Kinnmark is a certified instructor in Yoga, Antigravity Yoga, Lyra, Pilates Mat, Pole, and Flexibility Training and has been operating Bendy Beast Fitness out of her home/studio since 2016.

Bendy Beast Fitness is a safe space for all body types and shapes, genders, ages, races and sexual orientations. Ms. Kinnmark believes that Bendy Beast Fitness is much more than a business and that it has a mission to breakdown traditional social and class barriers. Through the inclusive nature of classes offered, and instructors hired, the Bendy Beast Fitness studio will serve as a starting point for movement, friendships, networking, inspiration and interdependence.

The loan will help the Applicant renovate the 1,276 sf building at 1202 Minna Place that the Applicant recently acquired. Built in 1972, the building has been vacant and abandoned for about eight years. The proceeds of the loan will be used: To install a new HVAC unit and ductwork; repair, seal and coat the roof; install exterior floodlights and an awning; and to replace a window and the front door.

Loan Term:

3

Interest Rate:

Not applicable

Projected New Jobs:

10

Projected Retained Jobs:

1

Average Payroll:

Not applicable

Loan Amount:

$20,000

Loan Use:

Façade Structural Roof and HVAC Landscape and Streetscape Interior Renovation

Total Projected Capital Investment:

$103,860
Real Property:
Not applicable

Acquisition:
Not applicable

Construction:
Not applicable

Renovation:
Not applicable

Machinery & Equipment:
Not applicable

Furniture, Fixtures, Office:
Not applicable

Equipment:
Not applicable

Fees & Soft Costs:
Not applicable

Permanent Working Capital:
Not applicable

Miscellaneous:
Not applicable

Approved

2/5/2020

Closing

Not approved

Bendy Beast Fitness LLC

1202 Minna Place, Memphis, TN 38104